7 Taxpayer Misconceptions
Tax season often reveals a host of misconceptions taxpayers have about the Tax Code. Here's a selection of examples submitted by readers. -- Accounting Today
How old do I have to be before I can stop paying taxes? is apparently a frequent question from clients, but no matter how old you get, you are always subject to the income tax.
Income is income, regardless of whether the taxpayer or the IRS received an information reporting form about it.
Except with certain work-related uniforms and very specific occupations, needing to look good doesn’t mean you get to deduct gym or spa memberships, health foods, or nice clothes.
Apparently, there’s at least one client out there who insists on paper filing because they believe that if they e-file, the IRS will have access to their bank account and will steal their money.
There is no maximum or minimum mileage – just how far you drove.
While there are rumors that a wedding planner was able to deduct some expenses because she really was able to use her wedding for professional purposes, having clients attend a non-professional event, -- whether it’s your wedding, your birthday or your child’s birthday – does not make it deductible.
Tax season reveals the many misconceptions taxpayers have about the Tax Code. Here's a selection of examples submitted by readers.